Tostão 'V-L' - Manuel I Lisbon mint

The tostão was introduced under Manuel I as part of a broader monetary reorganization tied directly to the explosive wealth flowing from Portuguese India — Vasco da Gama's 1498 arrival at Calicut had fundamentally altered the Crown's fiscal calculus, and new silver denominations were needed to handle the volume of commercial transactions that followed. The Lisbon mint struck these across an extended run, producing several die varieties now catalogued separately by Gomes as 48 through 51, distinguished primarily by subtle differences in the arrangement of the V-L mintmark elements.

The .916 fineness held firm throughout Manuel's reign, a deliberate policy that gave Portuguese silver high credibility in Mediterranean and North African trade circuits.